Board Minutes
IOWA LAKES ELECTRIC COOPERATIVE
Board of Directors Meeting
November 20, 2025
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ONLINE MINUTES
The meeting of the Iowa Lakes Electric Cooperative Board of Directors was called to order at 10 a.m. by Board Chair Dan Winterhof on November 20, 2025, at the Cooperative’s headquarters in Estherville, Iowa. Executive Assistant Amy Howard assisted in the taking of minutes thereof.
The following directors were present either in person or by video conference: Bruce Amundson, Ben Ashland, Jerry Beck, Chad Boysen, Craig Deim, Jason Glienke, Nick Kerns, Alan Madden, Crystal Pluth, Gary Rouse, Mark Tuttle, Trent Will, Roger Williamson and Dan Winterhof.
Also present for the meeting were President and CEO Ryan Craig, Vice President of Operations and Engineering Aaron Ruschy, Vice President of Finance/CFO Shelly Tredway, Vice President of Customer and Corporate Relations Jen Sievert, Executive Assistant Amy Howard and Cooperative Attorney Scot Bauermeister.
Participating in a portion of the meeting via video conference was Managing Consultant/Vice President Rebecca Payne with Guernsey. In addition, Manager of Business & Community Development Doug Vlasman and Manager of Customer Care and Billing Ann Ingvall participated in a portion of the meeting.
AGENDA
Board Chair Winterhof asked if there were any additions to the Board Agenda. Being none, it was moved and seconded to approve the agenda. Motion carried.
MINUTES
Board Chair Winterhof asked if there were any changes or corrections to the October 23, 2025, board meeting minutes as provided. Being none, it was moved and seconded to approve the minutes. Motion carried.
UNFINISHED BUSINESS
Attorney Bauermeister reported there was no pending litigation.
NEW BUSINESS
Cost of Service & Rate Analysis (Action)
Board Chair Winterhof called upon Guernsey’s Vice President Rebecca Payne to present the Cooperative’s cost of service and rate analysis and proposed rate adjustments. Payne reviewed the cost of service study requirements and process, including the classifying of costs as member-related, demand-related and energy-related costs. The information included provides a benchmark for the electric revenue necessary from each rate class to fairly and equitably provide the appropriate amount of retail revenue to support the Cooperative.
Payne reviewed the Cooperative’s existing rates, the cost-based rates provided by the financial model, proposed rate options, minimum billing demand and the revenue necessary to support the Cooperative. Total system rate adjustment is $4.53M, 6.93%. Discussion followed.
It was moved and seconded to increase the access fee to $47.50 for Single Phase Service. Motion carried.
It was moved and seconded to increase the access fee to $100.00 for Multi-Phase Service. Motion carried.
It was moved and seconded to change Large Power minimum bill component from kVA to kW. Motion carried.
Payne left the video conference.
Memberships for Approval (Action)
It was moved and seconded to approve the memberships as presented. Motion carried.
Board Meeting Date Change (Action)
Board Chair Winterhof noted the joint Corn Belt Power Cooperative Managers/Board Meeting is scheduled for August 27, 2026, which conflicts with ILEC’s August Board Meeting. Winterhof proposed rescheduling the August Board Meeting to August 20, 2026.
It was moved and seconded to change the 2026 August Board Meeting date from Thursday, August 27 to Thursday, August 20. Motion carried.
Annual Revolving Loan Fund Review
Board Chair Winterhof called upon Manager Vlasman to present the annual review of Policy #504 as it concerns economic development. Vlasman provided a review of the current policy and provided a history of past, present and recent loan distributions. Discussion followed.
Manager Vlasman left the meeting following his presentation.
Annual Bad Debt Write-offs (Action)
Board Chair Winterhof called upon Manager Ingvall to present the proposed bad debt write-offs which includes electric energy due the Cooperative for services provided during the calendar year of 2024. In addition, Ingvall reviewed historical annual bad debt write-offs for the Board’s analysis, comparing 2024 to bad debt in previous years.
After discussion, it was moved and seconded to approve the annual bad debt write-offs in the amount of $6,663.88 for those accounts and balances as presented and to apply the right of “set-off” in accordance with the Cooperative’s membership agreement, of any and all future unpaid patronage dividends credited to the account of those individual debtors, that may become available during the Cooperative’s normal patronage retirement rotation as an offset of any unpaid balances owed and due the Cooperative. Motion carried.
Manager Ingvall left the meeting following her presentation.
Miscellaneous Receivable Write-offs (Action)
Board Chair Winterhof called upon Vice President Tredway to present the proposed miscellaneous receivable write-offs. A historical review of the previous years’ miscellaneous receivable write-offs provided.
After discussion, it was moved and seconded to approve the miscellaneous receivable write-offs in the amount of $3,764. Motion carried.
VP/CFO Financial Report
Vice President Tredway reviewed the financials for October 2025. Discussion followed.
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NRECA Governance Talk Video
There was no NRECA Governance Talk Video this month.
Vice President Reports
Vice President Ruschy reviewed his monthly report and an update on the Cooperative’s strategic priorities.
Vice President Sievert reviewed her monthly report and an update on the Cooperative’s strategic priorities.
Vice President Tredway provided wind financials project-to-date.
President and CEO Report
President and CEO Craig reviewed his monthly report, which included an overview of meetings he attended over the past month and an update on the Cooperative’s strategic priorities.
G&T Reports
Basin – The Board viewed the Basin video update. Director Beck provided a Basin report.
Corn Belt Power Cooperative – President & CEO Craig and Director Beck provided a Corn Belt report.
NIPCO – President & CEO Craig and Secretary Will provided a NIPCO report.
IAEC – Director Amundson provided a Statewide report.
DIRECTOR’S MEETING AND TRAINING REPORTS
Nothing to report this month.
MISCELLANEOUS
Board Chair Winterhof reminded everyone in attendance the next regularly scheduled Board of Directors meeting will be held at 10 a.m. on Thursday, December 18, 2025, at the Estherville headquarters.
Board Chair Winterhof requested miscellaneous items be brought before the Board of Directors for discussion and attention at this time.
Board Treasurer Pluth reviewed the journal of checks and master credit card statements issued for the month of October 2025 prior to the meeting.
Board Treasurer Pluth and Board Secretary Will reviewed and approved the director per diem forms for the month of November 2025.
ADJOURNMENT
There being no further business to be brought before the Board of Directors, it was moved and seconded to adjourn. Motion carried.
Approved December 18, 2025
Trent A. Will, Secretary